Cash worth Rs 42 lakh of Rs 2,000 denomination seized in Punjab's Hoshiarpur

The accused -- Rajni and Shankar Maini -- are local residents and failed to give any satisfactory explanation about the cash in the scooters boot, Singh said.The income tax department is further probing the matter, the SHO said. It also advised banks to stop issuing Rs 2,000 denomination banknotes with immediate effect.

Cash worth Rs 42 lakh in the denomination of Rs 2,000 was seized from a duo during a police patrol here on Wednesday, police said.

Model Town Station House Officer Inspector Karnail Singh said the duo riding a scooter was intercepted on the Tanda Road here. The accused -- Rajni and Shankar Maini -- are local residents and failed to give any satisfactory explanation about the cash in the scooter's boot, Singh said.

The income tax department is further probing the matter, the SHO said. On May 19, the Reserve Bank of India announced the withdrawal of Rs 2,000 currency notes from circulation. It also advised banks to stop issuing Rs 2,000 denomination banknotes with immediate effect.